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GBP/USD: The Strong Support Area Has Been Breached

By: MIG Bank | Monday, January 28, 2013

GBP/USD has moved below its support area defined by 1.5829 (15/11/2012 low)
and 1.5755 (28/08/2012 low). A support can be found at 1.5637 (16/08/2012
low). Hourly resistances can be found at 1.5827 (25/01/2013 high) and 1.5893
(21/01/2013 high.)

A decisive break of the support at 1.5755 would validate a medium-term double-top
(from 1.5829 to 1.6302). The implied downside risk is given by 1.5356.

GBP/USD is moving in a long-term horizontal range defined by the strong support
at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012
high).

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